Questions:
1. Ending Inventory?
2. Total cost available for sale?
3. Total number of units available for sale?
4. Ending inventory if the company uses LIFO?
5. Gross profit if the company uses FIFO?
6. Cost of goods sold if the company uses average cost?
7. Ending inventory if the company uses average cost?
8. gross profit if the company uses average cost?
Homework Answers
FIFO = THE GOODS PURCHASED EARLIER ARE SOLD FIRST
lifo= the goods latest purchased are sold
average = average cost is found out to determine cost of goods sold
1. Ending Inventory?
=BEGINNING +PURCHASE-SALES
=15000+[60000+50000+50000+70000]-225000
=20000 UNITS
2.Total cost available for sale?
BEGINNING+PURCHASE
=34000+144000+125000+130000+192500
=625500$
3.Total number of units available for sale?
=15000+60000+50000+50000+70000
=245000 U NITS
5. FIFO
| COST OF GOODS SOLD | 570500 | [34000+60000*2.4+50000*2.5+50000*2.6+50000*2.75] |
| ENDING INVENTORY | 55000 | [20000*2.75]] |
| GROSS PROFIT | 294500 | [865000-570500]SALES-COST OF GOODS SOLD |
4.Ending inventory if the company uses LIFO?
| COST OF GOODS SOLD | 579500 | [70000*2.75+50000*2.6+50000*2.5+55000*2.4] | ||
| ENDING INVENTORY | 46000 | [5000*2.4+34000] | ||
| GROSS PROFIT | 285500 | [865000-579500]SALES-COST OF GOODS SOLD | ||
5.AVERAGE
| BEGINNING | 15000 | 34000 | ||
| PURCHASE | 60000 | 2.4 | 144000 | |
| 50000 | 2.5 | 125000 | ||
| 50000 | 2.6 | 130000 | ||
| 70000 | 2.75 | 192500 | ||
| TOTAL UNITS | 245000 | 625500 |
AVERAGE = 625500/245000=2.55$
COST OF GOODS SOLD = 225000*2.55
=573750$
ENDING INVENTORY = 2.55$*20000UNITS
=51000$
GROSS PROFIT =865000-573750
=291250$
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